The financial analysis firm Standard Chartered recently pointed out that the market's expectations of the Federal Reserve possibly adopting a rate-cutting measure have been partly confirmed, as evidenced by the decline in the US dollar exchange rate and a slight decrease in bond yields. However, Steve Englander, Head of Global Foreign Exchange Research and Macro Strategy at Standard Chartered, explained that although the market has responded to some extent, this does not equate to the Federal Reserve immediately initiating a cycle of loose monetary policy with consecutive large-scale rate cuts. According to Englander's analysis, Powell did not directly commit to starting with a series of 50 basis point rate cuts in his remarks, but rather emphasized the proximity to the inflation target and attention to the current labor market. He stated that the Federal Reserve is concerned that the labor market may not need further deterioration, and thus, without providing a specific timeline, his comments suggest that there is potential for larger-scale rate cuts in the future. Nevertheless, Standard Chartered still insists that a large-scale rate cut of 50 basis points is not the preferred strategy; if the labor market conditions continue to weaken, this possibility may rapidly become a reality.